RIM’s Stock Tanks After Hiring A No-Name CEO Who Might Be Worse Than What They Had

Sinking Boat

Thorsten Heins run as CEO of RIM is off to a bad start.

RIM’s stock is down 6.7% this morning after Heins introduced himself to the world.

Heins’ introductory video as CEO was incredibly bland, and tone-deaf to the major issues facing the company. Engadget has a good selection of actual quotes, here’s a small sample:

  • “We have taken this to totally new heights and that journey isn’t over yet.”
  • “If we continue doing well what we’re doing, I see no problems with us being in the top three players worldwide in the next years in wireless.”
  • “At the very core of RIM is the innovation. We always think ahead. We always think forward. We sometimes think the unthinkable. And that is fantastic.”
  • “We are a great innovative company, but sometimes we innovate too much while we’re building a product.”
  • “What we need to get a bit better at here is to have a little bit more of an ear toward the consumer. I want the strengthen this by bringing really good marketing expertise in.”

Yikes! Does this sound like a guy that’s going to shake things up? Does this sound like a guy with a vision for the future of smartphones? No and no.

Heins is arguably worse than Jim Balsillie and Mike Lazaridis. For all their faults, those guys did build RIM into a giant company. And those guys are personally invested in its success. Heins has no background in building a big company, and no background in turning around a big company. If RIM fails it doesn’t reflect on him. He came into a crappy situation, so no one is going to blame him.

Now wonder investors are running away this morning. The stock drop is the worst RIM has seen in a month, according to Bloomberg’s Jon Erlichman.